http://seekingalpha.com/article/2134...s-expectationsSirius XM Annihilates Expectations
The charts don’t lie, and Sirius XM Radio (SIRI) just served a huge slice of humble pie to the short sellers that have attacked the stock lately. Sirius XM is reporting today that it has added over 583,000 net subscribers in th the second quarter, blowing away analyst forecasts once again. Total net subscriber additions for the first half of the year now stand at over 754,000. Total subscribers now stand at a new record of 19,524,448.
Sirius XM also announced that gross adds increased by 46% while deactivations dropped an astounding 8%. Self pay churn dropped from 2.0% to just 1.8% year over year as the conversion rate ticked up nearly 2 1/2 points from 44.3% to 46.7%.
For the third time this year, Sirius XM has increased subscriber guidance and is now projecting 1,100,000 net additions for the current year. This news should translate into major analyst upgrades today as a record profit is likely to follow when the company reports its second quarter results.
I recently suggested some very high price targets of my own on the equity, based on strength within the charts. The large short positions in Sirius XM radio could catapult SIRI shares today well above even my own expectations. With the news released today, most analysts year end forecasts have already been beaten, which should translate into a slew of upgrades in the coming days and weeks.
Congratulations to Sirius XM and to the investors who have weathered the recent storm. Your patience and faith has just been rewarded